Raymond Wagner, a mortgage broker and director of Ambergate, recklessly allowed the submission of an inaccurate regulated mortgage application to a lender for his own benefit.
Wagner also failed to supervise two of Ambergate’s mortgage advisers, Richard Fairley and Neeraj Harish. Wagner put only minimal systems and controls in place to monitor mortgage applications and Ambergate was at risk of being used for the purposes of financial crime.
Wagner has received a full prohibition; a significant financial penalty for his misconduct was not imposed because his conduct was reckless and the FSA accepted evidence of serious financial hardship. Both Fairley and Harish received full prohibitions for their misconduct; at the time of the misconduct the FSA did not have the power to impose a financial penalty on them.
Wagner referred the matter to the Upper Tribunal.
Bill Sillett, head of department for retail, said: “This is another example of a case involving the submission of false and misleading information for mortgages to lenders.
“Mortgage fraud poses a serious threat to the FSA’s statutory objectives of reducing financial crime, maintaining market confidence and financial stability, and protecting consumers.
“Since October 2004, the FSA has prohibited 106 individuals for failings which led to mortgage fraud. The FSA will continue to take enforcement action against approved and non-approved persons who are involved in the submission of false and misleading information to lenders.”
Ambergate is in liquidation.
